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Buy Tent Stock

by Susan Parker

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Sparxafire!
OK. The subprime crisis officially has my attention, now that its stench is starting to curl up the nostrils of foreign markets. (Most of my investments are in foreign business, and I lost a couple hundred dollars this week. As a greedy American, that gets my attention.) This may seem like a post unrelated to statecraft, but it is exactly about statecraft – or the lack thereof in the home mortgage arena.

Your president and his administration have been dozing through all the recent upheavals in the home mortgage market and now it’s collapsing around our ankles. It all started around 2000 when the nature of mortgage lending got out of the banks’ hands and into the mortgage broker world. Crazy things happened, and millions of Americans took out Adjustable Rate Mortgages at attractive starter rates. Well, now it’s time for those “rate adjustments” to kick in and, guess what? Millions will no longer be able to afford their monthly payments! Yes, I said millions.

Buh-bye once and for all to the middle class as defined by homeownership. It’s the fast-buck greed, people, and it ain’t gonna be pretty.


Posted in General on August 10th, 2007

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